China’s largest container shipping line, Cosco Shipping Holdings, experienced significant growth in revenue and profits in 2024. The company reported operating revenue of $33.29 billion, a 33.29% increase from the previous year. Earnings before interest and taxes (EBIT) totaled $9.79 billion, marking a 90.74% year-over-year increase. Net profit saw a 95% soar to $7.75 billion, with net profit attributable to shareholders reaching $6.87 billion, a 105.78% increase from the previous year.
In 2024, many of the largest shipping lines witnessed remarkable gains in revenue and profits due to strong consumer demand in the United States and the Red Sea crisis. The crisis led carriers to redirect vessels from the region to longer, costlier routes, helping absorb capacity and drive up rates.
However, Cosco is currently facing challenges in the U.S., including trade tariffs and proposed port fees on Chinese ships that could significantly increase operating costs.
Cosco is a part of the Ocean Alliance, along with Orient Overseas Container Line of Hong Kong, CMA CGM of France, and Taiwan’s Evergreen Marine.
For more articles by Stuart Chirls, click here.
Related coverage:
– Trans-Pacific container rates below lowest 2024 levels: Freightos
– Hapag-Lloyd sees mixed earnings in 2024
– Port of Los Angeles sees strong container volumes in February
– Chassis manufacturers look to navigate supply chain, trade changes ahead
Artikel terkait:
– Tingkat kontainer Trans-Pasifik di bawah level terendah 2024: Freightos
– Hapag-Lloyd melihat laba yang bervariasi pada tahun 2024
– Pelabuhan Los Angeles melihat volume kontainer yang kuat pada bulan Februari
– Produsen sasis berupaya menavigasi perubahan rantai pasokan, perdagangan ke depan
Pos ini pertama kali muncul di FreightWaves.